There is a lot of interest in the use of Bitcoin. But there
are more questions about what it is, how secure it is and whether it is a
viable form of payment for both individuals and business. So we decided to do a
little digging to learn more about it.
Bitcoin is a peer-to-peer payment system and digital
currency which was first mentioned in 2009. It is a cryptocurrency because it
uses cryptography to control the creation and transfer of money. Allegedly, it
is safer to make and receive payments this way than through traditional payment
forms.
Users send payments by sending signed messages to the
network. Miners are the participants who verify and timestamp transactions into
a shared pubic database called a “block chain”. They are then rewarded with
transaction fees and newly minted bitcoins. The bitcoins (note the lower case b
for the currency) can be obtained by mining is in exchange for products,
services and other currencies. Bitcoin (upper case B indicates the process
itself) seems to be on the rise of the new, trendy way to transfer funds.
Who uses it? Is it a secure way to transfer funds? USA Today says that the typical user has been profiled as a tech-savvy male, 25
to 40, with above-average income, commonly residing on one of the U.S.
Enterprises TV
notes that bitcoins can be stolen and chargebacks are impossible. Note the case
of the network reporter who recently aired a segment on how Bitcoin worked and
found his Bitcoin account had been hacked and his bitcoins stolen.
The true value
of using bitcoins has yet to be seen. Its value should grow as a viable payment
source once more businesses accept it and more individuals use it as a form of
payment. We want to know if you use bitcoins on certain sites to purchase
merchandise or services. If so, how did it work for you?
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